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ORDER OF THE GOVERNMENT OF THE REPUBLIC OF KAZAKHSTAN

of February 21, 2012 No. 248

About approval of Rules of guaranteeing the educational loans granted by the financial organizations

According to subitem 22-1) of article 4 of the Law of the Republic of Kazakhstan of July 27, 2007 "About education" the Government of the Republic of Kazakhstan DECIDES:

1. Approve the enclosed Rules of guaranteeing the educational loans granted by the financial organizations.

2. Recognize invalid some decisions of the Government of the Republic of Kazakhstan according to appendix to this resolution.

3. This resolution becomes effective after ten calendar days after the first official publication.

 

Prime Minister of the Republic of Kazakhstan

K. Masimov

Approved by the order of the Government of the Republic of Kazakhstan of February 21, 2012 No. 248

Rules of guaranteeing the educational loans granted by the financial organizations

1. General provisions

1. These rules of guaranteeing the educational loans granted by the financial organizations (further - Rules) are developed according to the Law of the Republic of Kazakhstan of July 27, 2007 "About education" and determine procedure for guaranteeing the educational credits (further - the credit) provided by the financial organizations.

2. In these rules the following concepts are used:

1) creditworthness assessment - assessment procedure of risk of non-return of the credit by the borrower;

2) the warranty obligation - the obligation of the organization to answer to the creditor for obligation fulfillment of the borrower under the agreement of the credit within the size of guarantee determined according to the procedure and on the conditions provided by the agreement;

3) the agreement - the agreement signed between the creditor and the organization, establishing procedure for their relations on guaranteeing the credits;

4) default - non-execution by the borrower of agreement obligations of the credit as a result of which the procedure of execution of the warranty obligation according to the civil legislation of the Republic of Kazakhstan begins;

5) the borrower - physical person which by the creditor is granted the loan;

6) the educational credit - the money provided to the borrower by the financial organizations for payment of training at conditions of urgency of the paid nature and recoverability;

7) the financial organization - the legal entity having the license for carrying out loan transactions (further - the creditor);

8) technique of determination of the size of guarantee - the guaranteeing conditions, criteria and procedure for determination of the size of guarantee determined by authorized body in the field of education (further - technique).

2. Procedure for guaranteeing the educational credits

3. Guaranteeing the educational credits is made by the organization which main object of activity, according to the decision of the Government of the Republic of Kazakhstan, is issue of guarantees on the educational credits (further - the Organization).

4. The borrower submits the application to the creditor for receipt of the credit guaranteed by the organization according to the requirements established by the creditor.

5. The organization does not come into force of the activities into direct relations with the borrower.

6. Relations of the organization and creditors are regulated by the agreement.

7. The organization determines criteria for borrowers and the credits which are subject to publication in mass media.

8. For the conclusion with the organization of the agreement the creditor submits the application signed and certified by seal in the form approved by the organization. The creditor encloses documents according to the list approved by the organization and published in mass media to the application.

9. The organization refuses to the creditor consideration of the application in case of non-presentation or representation in an inadequate way of the processed documents required according to Item 8 of these rules.

10. The decision on agreement signature or on refusal in consideration of the application is accepted by the organization within five working days from the date of its registration.

11. The agreement includes provisions about:

1) timely and high-quality carrying out creditworthness by the creditor of assessment;

2) the due notice the creditor of the organization about the termination of the contract of the credit caused by obligation fulfillment by the borrower under the agreement of the credit;

3) submission by the creditor to the organization of information on the current obligation fulfillment on agreements of the credits;

4) submission by the creditor to the organization of the written notice in case of right to claim concession on guaranteed credits.

12. The agreement comes into effect from the date of its signing by the parties.

13. The organization publishes the list of the creditors who signed the agreement with it in mass media.

14. The creditor who signed the agreement after the address of the borrower to him behind issuance of credit guaranteed by the organization within ten working days sends the request for guaranteeing the credit to the organization for the form approved by it.

15. The organization within three working days from the date of receipt of the request of the creditor considers the submitted documents on compliance to requirements of the organization and sends to the creditor the warranty obligation signed and certified by seal in one copy, or motivated refusal in provision of a guarantee.

Warranty obligations are provided within the amounts of guaranteeing approved by governing body of the organization.

16. The organization refuses to the creditor provision of a guarantee in cases:

1) submissions of incorrectly completed commitment form;

2) discrepancies of the borrower and (or) the credit to the criteria determined by the organization;

3) other cases provided by the agreement.

17. After obtaining by the creditor of the warranty obligation signed and certified by seal of the organization the creditor and the borrower sign the agreement of the credit.

18. In case of approach of default the creditor notifies the organization on the failure to carry out of primary obligation of the borrower according to the procedure established by the agreement.

19. The creditor submits the document with guarantee amount request for payment with appendix of payment documents and documents on the credit according to the procedure, established by the agreement.

20. In case of carrying out by the creditor in case of issuance of credit of assessment of the creditworthness conforming to requirements, the organization pays the guarantee amount within the established size.

21. All payments are made in national currency of the Republic of Kazakhstan.

22. The size of the loan guarantee is established by technique. The minimum size of guarantee constitutes 50 percent from the amount of principal debt.

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